How long to keep insurance etc. records?

cashferret

I'm sorting through my elderly parents' paperwork now that they are unable to deal with their admin and want me to take it over. They want me to take it all away so they never have to see any again!

They have kept years and years of bank statements, home & car insurance documents, MOT certificates, etc. etc. Is there any reason to keep anything beyond the current year's documents?

I don't have much storage space at home and would like to shred whatever isn't necessary.

I'd be very grateful for any advice! I don't want to get rid of anything that actually might matter in future (e.g. if they want to sell their car or the house).

lisyloo

For most financial matters, anything more than 6 years old is barred by statute. I would keep statements for a few years as you might need something for a warranty dispute.

For car insurance you MUST keep the last renewal notice. This is required for NCD proof.

I would keep receipts of any expensive items HOWEVER old they are as you might need it for insurance purposes if lost stolen.

MOTs, servicing for the car are ALL useful for sale unless the car is so old that the service history is really not relevant.

Are you really that short of space that you couldn't put a few files boxes in your loft?? (suitably waterproofed).

If you really don't have room for a few file boxes at your place then why not get it all organised (buy envelopes to categorise and a few file boxes) and leave it at their place.
My folks keep all their own stuff and I go through it periodically and shread old stuff.

cashferret

Thanks, lisyloo - that's very useful advice.

I live in a tiny flat with no loft and very little storage so am keen to streamline things as much as possible. My mum has had to take over all my parents' joint finances but now is ill and very stressed out and even the thought of any kind of admin is upsetting for her so I'd like to remove all the paperwork so that she doesn't have to come across anything that she might not need to hand (e.g. car logbook or home insurance emergency phone number).

That's good advice about what I should keep and I shall follow it (and start shredding everything else!)

stator

For insurance keep the insurance certificate and the renewal notice, so should only be two pieces of paper per year!

dunstonh

One option you could consider is scanning old documents. A pdf on your computer (backed up) can be held for decades without worry about what you should and shouldn't keep.

lisyloo

Good idea - apart from insurance renewal.
A lot of companies want the orignial (I scan anyway in case it's lost in the post, but still keep the original).

Certainly would be a good idea for old bank/credit card statements, which can act as prrof of purchase for either insurance claims or warranty disputes.